• Maintain Buy with target price of Rs 200
• Q4 First Cut: Weak but Better-than- Estimates
• Standalone EBITDA/t fell 12% QoQ to ~Rs15K, pulled down by lower ASP
• Europe EBITDA/t loss narrowed sharply from -$191 in Q3 to -$40 in Q4
• Maintain Buy with target price of Rs 200
• Q4 First Cut: Weak but Better-than- Estimates
• Standalone EBITDA/t fell 12% QoQ to ~Rs15K, pulled down by lower ASP
• Europe EBITDA/t loss narrowed sharply from -$191 in Q3 to -$40 in Q4
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